Dublin office rents 'down 40% from peak'

Office rents in Dublin’s “prime” locations have fallen by as much as 40% from the market’s peak in 2006 and 2007, according to a report issued today by property consultants CB Richard Ellis.

The report said that while the pace of rental decline in the Dublin market has now slowed considerably, further rental pressures remain.

CBRE said that the first quarter of this year may have represented the “low point” in the Dublin office rental downturn,.with just 10,000m2 of office lettings completed in that three-month period.

Activity in the market has improved quarter-on-quarter for Q2 and Q3, the company said, although at rental levels and terms and conditions “vastly different” from peak.

A total of 23,242m2 of office lettings were completed in Dublin during Q2 and 24,892m2 in Q3.

Total take-up for the first nine months of the year was approximately 58,134m2, compared to approximately 135,000m2 for the same period in 2008.